Tradeweb Markets Inc (TW) Q4 2020 Earnings Call Transcript

Tradeweb Markets Inc (TW -0.63%)
Q4 2020 Earnings Call
Feb 04, 2021, 9:25 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

Good morning and welcome to Tradeweb's fourth-quarter 2020 earnings conference call. As a reminder, today's call is being recorded and will be available for playback. To begin, I'll turn the call over to head of U.S. corporate development and investor relations, Ashley Serrao.

Please go ahead.

Ashley Serrao -- Head of U.S. Corporate development and Investor Relations

Thank you, and good morning. Joining me today for the call are our CEO, Lee Olesky, who will review the highlights for the quarter and provide a business update; our president, Billy Hult, who will dive a little deeper into some growth initiatives; and Bob Warshaw, our CFO, who will review our financial results. Our fourth quarter's earnings release, prepared remarks, and accompanying presentation are available on the Investor Relations portion of our website. I'd like to remind you that certain statements in this presentation and during Q&A may relate to future events and expectations, and as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Statements related to, among other things, our guidance, including full-year 2021 guidance and the COVID-19 pandemic, the potential impacts of which are inherently uncertain, are forward-looking statements. Actual results may differ materially from these forward-looking statements. Information concerning factors that could cause actual results to differ from forward-looking statements is contained in our earnings release and periodic reports filed with the SEC. In addition, on today's call, we will reference certain non-GAAP measures.

Information regarding these non-GAAP measures, including reconciliations to GAAP measures, are in our posted earnings release and presentation. Lastly, we provide certain market industry data, which is based on management estimates and various industry sources. Please see our posted earnings presentation for more details. To recap, this morning, we reported GAAP earnings per diluted share of $0.28.

Excluding certain noncash stock-based compensation expense, acquisition and Refinitiv-related D&A and certain FX items and assuming an effective tax rate of 22%, we reported adjusted net income per diluted share of $0.34. Please see the earnings release and the Form 10-K to be filed with the SEC for additional information regarding the presentation of our historical results. Now let me turn the call over to Lee.

Lee Olesky -- Chief Executive Officer

Thanks, Ashley. Good morning, everyone, and thank you for joining our fourth-quarter earnings call. Since our inception, we have combined the creativity of our employees, power of our technology and depth of our network to collaboratively innovate with our clients to simplify our workflows across the fixed income and equity markets. In 2020, the shock waves created by the COVID-19 pandemic further illuminated the importance of Tradeweb as a critical marketplace, as we have helped our clients seamlessly shift their workflows remotely, often to their kitchens and bedrooms and trade more than $1 trillion in volume on a number of days, a feat that would have been unthinkable only a few years ago.

We believe the acceleration of digitization that we saw in 2020 is here to stay, and we remain excited about the opportunities ahead of us to drive further innovation across our markets. We believe the defining trends underpinning our growth, such as technological advances, globalization of debt, growth of ETFs, focus on cost reduction and data-driven trading have a long runway. We remain laser-focused on responding to these trends as we strive to be the primary electronic price discovery and trading platform for our clients as they look to efficiently discover the best price across rates, credit, OTC equities and money markets. Turning to Slide 4, the acceleration of this digitization I just described was on display as we reported the strongest fourth quarter in our history, hitting new market share and volume records across a number of products.

Specifically, gross revenues of $233 million during the fourth quarter of '20 were up 18.1% year on year on a reported basis and 15.9% on a constant currency basis. The revenue growth and the resulting scale translated into an improved profitability year on year, as our fourth-quarter adjusted EBITDA margin expanded by 231 basis points to 49.2%. Turning to Slide 5, this quarter was marked by strong performance across many of our asset classes. Credit again posted record quarterly revenue, growing 36.1% year over year and exceeding 25% of total quarterly revenue for the first time, led by a record market share in U.S.

high yield and investment grade. Rates revenue increased 13.2% as cash rates posted its second highest revenue and volume quarter as record central bank issuance continues to fuel global government bond trading and low interest rates drive higher refinancing activity, thereby boosting our mortgage trading. Despite the low interest rate environment, we saw slightly increased rate volatility around the election and positive news around several COVID-19 vaccines, which helped amplify the market share gains we have made in swaps. Equities grew by 28.7% with strong ETF trading and our efforts to diversify beyond ETFs are paying off.

Money market revenues were up 3.5% as organic growth in institutional repo more than offset strong rate headwinds in the retail sector. Finally, market data was up 7.8%, driven by growth in both our Refinitiv redistribution license and proprietary data products. Turning now to Slide 6, our strong fourth quarter capped off a record year in 2020. Record volumes across asset classes translated into 15.1% and 14.5% revenue growth on a reported and constant currency basis, respectively.

As a result, we recorded our 21st consecutive year of record revenues. The scale generated by our strong top line results drove approximately 336 basis points of EBITDA margin expansion, and 31% earnings growth. And as our growth initiatives continue to scale, we maintained our tradition of consistent and focused organic investment. 2020 was a very busy year.

In rates, we launched our enhanced specified pool mortgages platform after collaborating closely with leading mortgage originators and in the IRS, we expanded our protocol offering with RFM, client base in APAC and product offering with five new EM currencies. In U.S. treasuries, we continued to onboard new clients and enhanced our streaming offering. In many markets, we added new repo collateral types and expanded into tri-party repo.

In credit, we continued to drive innovation as we connected our three liquidity pools by launching our latest AllTrade anonymous protocol, ReMatch. We believe this could be just another potential game-changing protocol built on the success of session trading. We also continued to invest in enhancing our net spotting, portfolio trading and all-to-all functionality. And last week, we announced the rollout of our Multi-Client Net Spotting offering, the next generation of net spotting.

Finally, in collaboration with CFETS, we marked another milestone in our relationship by becoming the first trading platform to offer foreign investors electronic RFQ trading in the Chinese onshore bond market through CIBM Direct. This new channel complements our existing Bond Connect offering, which we have launched in 2017. We are in the early innings of building out CIBM Direct, together with our partners at CFETS and are seeing strong interest from liquidity providers and clients. Asia remains a key focus region for us.

We hired James Sun who will be based in Shanghai and lead our Asian business. And in December, we made a small minority investment in Sumscope, a fixed income information service provider for the RMB market in China. We will be integrating additional pricing analytics into our trading offering to ultimately increase our foreign participation in both the Bond Connect and CIBM Direct. Additionally, we executed several partnerships, working with CBOE to support EFP trading on high-yield bond index futures, augmenting our Refinitiv data relationship by adding EM IRS and supply swaps pricing data to power the ICE swap rate, a key benchmark used to price swaptions and other rate linked structured products.

These investments have not only positioned us for the future, but also help make 2020 another banner year for Tradeweb. Moving now to Slide 7, revenues grew by 15.1%, continuing the streak of double-digit revenue growth that we have worked hard to deliver for multiple years now. Our recent revenue growth trends are really similar. And since 2016, we have averaged 14.6% growth.

One aspect of our performance since 2016 that we are very proud of and think will become increasingly important in the coming years is the rapid growth of our international business, which continued its double-digit growth in 2020 to now comprise 36% of our revenues. Relentless innovation has been critical to our success. Throughout our history, we have prized being first, which requires constant investment. In the last five years, we have invested over $318 million in technology to help shape the future of the electronic markets, growing those investments at an average of 11% since 2016.

And as our investments bear fruit, EBITDA margins have expanded substantially, given the high incremental margin nature of our business model. It is these investments that have allowed us to not only rapidly grow our leading rates business, but also successfully diversify into multi-asset and global electronic trading network. Today, while the majority of our revenues come from rates, the vast majority of our growth actually comes from our other businesses. Credit, in particular, has been a highlight, accounting for about 43% of our revenue growth in 2020.

In fact, with the exception of 2019, the majority of our growth since 2016 has been driven by the combination of our credit, equities, money market and data business. Looking ahead, while our investments are heavily concentrated in rates and credit, we remain very optimistic about our growth prospects across the business, given our pipeline of innovations, the ever-increasing stock of global debt and an improving macro backdrop. Moving on to Slide 8, we wanted to spend some time on growth drivers behind our four asset classes. From our early roots in U.S.

treasuries, we have also strategically diversified the rates franchise into global government bonds, mortgages and more recently, interest rate swaps. We believe there remains a lot of runway across both our cash and derivative products, which have grown revenues at a combined average annual rate of 11.5% since 2016 in a low rate environment. We have now successfully operated in a zero rate environment for nearly a year, and the Fed currently doesn't anticipate hiking rates until 2023. This environment is not new to us.

The last rate cycle started in December 2008 and lasted significantly longer in the U.S. and was more challenging. Despite seeing several of our major clients merge or restructure and Lehman declare bankruptcy, we were able to grow rates revenues at 9.7% annually, on average, before the Fed hike rates in 2015. Our formula for growth has always been the same, continue to move rates markets electronic, position the firm to respond to the massive surge in stimulus given global government debt issuance and enhance our rates franchise with strategic acquisitions.

So, this time around, the banking system is healthy, as evidenced by the Fed recently allowing buybacks and dividends, but just like the last crisis, government debt issuance continues to surge. And as we emerge from the pandemic into a higher and more volatile interest rate environment, we believe our opportunity set is greater than ever, given our mix of organic growth initiatives and more importantly, as digitization accelerates over the next few years. Let's move on to Slide 9. We saw a great opportunity to add more value to the wholesale U.S.

treasury market and have announced an agreement to acquire Nasdaq's U.S. fixed income electronic trading platform. The Nasdaq platform, formerly known as eSpeed, is a fully executable central limit order book for electronic trading in on-the-run U.S. treasuries and will become a part of Dealerweb, serving the wholesale sector.

We have a long track record of success when it comes to U.S. treasuries. In fact, institutional U.S. treasuries was the first electronic market we started at Tradeweb more than 20 years ago.

Since then, we have brought a lot of innovation to the space, from RFQ in the early days to AiEX, and RFM more recently. In the wholesale market, we have innovated with streams, which Billy will talk about in a second. Strategically, the acquisition accelerates our efforts to grow wholesale CLOB and this significantly expands the number of market participants connected to Dealerweb, which includes primary dealers, principal traders, broker dealers and hedge funds. We are also excited to give our clients more choice with a liquid CLOB to complement their streaming activity and lower their connectivity costs.

Finally, we believe we will be able to enhance our U.S. treasury data offering with depth of book data. Financially, this deal comes at a good price, and we believe we can improve EBITDA margins to Tradeweb's adjusted EBITDA margin or higher, exiting the first year of a two-year integration period. To summarize, this acquisition will also be accretive to adjusted earnings right away, accretive to our adjusted EBITDA margins and another growth driver to our U.S.

treasury offering and also leave us with ample flexibility to pursue future transactions. Our corporate development team also continues to be busy evaluating various opportunities globally. I now want to turn it over to Billy to discuss some of our organic growth initiatives in rates and credit.

Billy Hult -- President

Thanks, Lee, and thank you, everyone, for joining the call. As we think about building marketplaces, we pay a lot of attention to creating great feedback loops with our clients. And a great feedback loop to us is centered on listening to our clients across sectors, protocols and geographies. It is this collaborative approach that has sparked innovation and allowed us to really imagine client workflows to drive organic growth.

And we believe our organic growth story continues to have a strong multi-year runway. Turning to our organic opportunity set in rates on Slide 10. In U.S. treasuries, our market share increased by 150 basis points to a record 13.8% in 2020.

Looking ahead, we are focused on driving our share higher across both the institutional and wholesale market. We are investing a lot of effort in driving the adoption of early stage streaming protocols that are becoming more impactful as technology advances. So today, market makers are able to manage risk across multiple liquidity books fueling changes in client behavior. In institutional treasuries, Tradeweb Plus and RFM are seeing increased client adoption, complementing the great growth we are seeing in RFQ.

In the wholesale market, our streaming protocol continues its strong growth as market participants increasingly use streaming protocols to complement their CLOB activity. Even with the rapid growth in streams, the CLOB today accounts for the majority of their electronic wholesale activity, allowing market participants to passively rest orders in an order book to manage risk. And as such, our acquisition of the former eSpeed business is another example of investing to improve our feedback loop and gain another window into client behavior. Looking ahead, we are excited about the opportunity to provide our wholesale clients with a seamless offering across both the CLOB and streaming protocols.

In mortgages, we see our leading position in the TBA market as an ideal foundation from which to offer electronic specified pool trading, given the similar client and the dealer set. We launched our enhanced specified pool platform last year that was designed in collaboration with leading mortgage originator. The specified pool market traded $26 billion a day on average in 2020. While the specified pools market is roughly one-tenth the size of the TBA market, pricing in specified pools is higher than our existing mortgage franchise.

Electronification levels today are also quite low at less than 5%. Looking ahead, we believe the frequent and spreadsheet-driven nature of the specified pool market makes it well suited for automation. Our solution is resonating well, and we are seeing a lot of interest from existing and new clients. In swaps, the secular growth story hasn't changed.

Swaps remain a critical component of the Tradeweb story and one with considerable room for growth and innovation. The business outperformed the overall market in 2020. That's, again, as our market share increased by 140 basis points to a record 9.3%, driven primarily by gains within core IRS. This is our main market of focus accounting for 80% to 85% of industry revenues.

We continue to innovate by responding to structural changes in the swaps market, be it the growth of EM swaps clearing or the transition to alternative reference rates. We are driving adoption of new protocols like RFM, new products like electronic FRAs and package swaps and expanding regionally in APAC. During the fourth quarter, we facilitated the first electronic SONIA swaps package trade and recorded new market share milestones in FRAs as we continue to expand the client base. We also saw dealers go live as liquidity providers for Hong Kong, Mexican, and Indian swaps.

Finally, we are also investing in our leading automated trading capability, AiEX. For some of our clients, the telephone is going away and being replaced by the mouse. For others, the mouse is now being replaced with algorithms, that is where AiEX comes in. We are helping our clients navigate the growing complexity involved in staging orders with rules-based trading.

For years, dealers have invested in auto quoting capability. AiEX allows the buy-side to interact with dealers and smartly find the other side of a trade-in an automated fashion. Since 2016, and the number of AiEX trades have grown to 30% annually on average across rates with growth across all products. As clients become more comfortable with automation, we believe they will increasingly automate more of their trades and focus on more complicated trades and client relationship management.

Turning to credit on Slide 11, our journey from challenger in 2016 to trailblazer in the recent years, powered credit to become our largest growth driver in 2020 with revenues growing by 31% to nearly $60 million in the fourth quarter. Credit is another example of a powerful feedback loop, driving serial innovation. From our Roots as a leading retail venue, we have successfully diversified to serve the entire corporate credit market. In fact, institutional trading now comprises the vast majority of our market share and revenues in the U.S.

Our overall electronic market share have reached record levels of 10.6% in investment-grade and 4.5% in high-yield in December as our institutional network continues to grow and wholesale solutions continue to provide an alternative to voice trading. While conditions have improved slightly of late, our retail business continues to face headwinds from the lower yield environment. This has reduced the attractiveness of bonds for financial advisors. However, our retail middle markets business, which caters to institutional traders transacting in smaller size, continues to set new records and grow.

The growth in electronic trading on our platform is being fueled by growth in both disclosed RFQ and our innovations across our AllTrade, net spotting and portfolio trading offerings. These innovations proved to be a great asset to our clients during March when the volatility exploded and in the remote working aftermath. We believe our technological innovation has permanently influenced client trading behavior. But there remains more to do as we work together with our clients to improve execution in the credit marketplace.

AllTrade, including all-to-all RFQ and a suite of anonymous protocols connecting liquidity between our three client sectors, continues to see increased adoption. Clients traded a record $199 billion, or nearly $800 million daily, to optimize price discovery using the AllTrade, and increase 44% year over year. Our investments to grow our all-to-all network and improve functionality continued to pay off, driving record volumes in 2020. Additionally, we integrated our AiEX rules-based trading solution into RFQ all-to-all list trading, leading to record credit AiEX volumes over the course of the year.

Session trading, another key AllTrade protocol, continued to grow as well. We capitalized on the success of session trading to launch our latest innovation ReMatch, a protocol, which enables our unmatched inquiries at the end of a wholesale session to be matched by our institutional all-to-all platform as well by offsetting retail liquidity. Currently, less than 5% of total session trading inquiries are filled on our platform, creating a tremendous opportunity for us to help our clients find the other side of the trade. ReMatch is still very early in its rollout, but early progress has been encouraging.

Another light bulb solution for Tradeweb has been our electronic spotting and net spotting offering. The ability for clients to electronically link corporate bond spots with the underlying treasury hedges emerged as a critical tool in the dispersed working environment of 2020. As you can imagine, clients wanted to avoid dealing with manual errors, price slippage and delays. As a result, our advanced net spotting offerings saw another record year with over $325 billion, or $1.3 billion daily, up substantially from 2019 as clients increasingly eliminate the efficiencies of manual processes.

As Lee mentioned, we recently rolled out Multi-Client Net Spotting. This will greatly advance our existing offering, clients will now be able to net their hedging activities across not only dealers but also other clients at the same time, enhancing trading and operational efficiency. This is the next generation of net spotting, which we believe will extend our lead against competitors today with basic spotting functionality. Moving to the bottom half of the slide, portfolio trading and CDS trading, which is primarily comprised of index CDS are two ways in which we are participating in the explosion of passive investing.

Portfolio trading, in particular, continues to attract more clients. Client behavior is now changing as they have increasingly embraced the protocol's ability to provide price discovery for numerous bonds quickly. This allows them to execute large, complex trades at a competitive cost with pricing analytics and audit trails built into this process. Tradeweb facilitated $146 billion single and multi-dealer portfolio trades in 2020, with average daily volume up 240% year over year.

Adoption is accelerating, and our October in-comp volumes were higher than all of 2019 combined. As comfort with the protocol grows, we are seeing growth accelerating globally across Europe and EM credit. Clients are increasingly putting dealers in competition and increasing the size of their trade. And as a result, the number of line items and portfolios on our platform also hit a new record.

Finally, our credit default swap business posted its strongest year on record with volumes up 59% as we continue to gain more market share globally and benefited from higher levels of volatility in the first half of 2020. We remain focused on driving our share higher by expanding our product set. So today, 99% of our volume is comprised of index CDS, but we are also seeing growing adoption of electronic single-name CDS trading with volumes up 40%. We're also seeing a rise of EM sovereign CDS, with the volumes up 350% from 2019.

With that, I'll turn it back to Lee to talk about equities and repo business.

Lee Olesky -- Chief Executive Officer

Thanks, Billy. Moving on to Slide 12, we wanted to provide you with some color on these smaller but rapidly growing and important areas of our business. These are all great examples of how we connect the dots at Tradeweb and maximize the power of our multi-asset class network. Billy have talked about how we are responding to market structure changes in credit, driven by the growth of ETFs.

We are also directly capitalizing on the secular growth and passive investing globally with our RFQ ETF platform. Tradeweb's global ETF volumes have increased by 42% annually on average since 2016, led by both equity and fixed income ETFs. Together with portfolio trading and index CDS, our passive trading electronic solution allows clients to take macro views in an efficient manner across asset classes and products. And so while this shift toward passive investing is more than 20 years in the making, fixed income ETFs today only comprise approximately 20% of the $7 trillion outstanding, and according to BlackRock, are set to grow by more than 30% and exceed $2 trillion by 2024.

Sophistication is increasing. Today, fixed income specialists oversea fixed income ETF trading. This stands in stark contrast to the days when they were traded by equity specialists. Simultaneously, nonbank market makers have also become increasingly as important as liquidity providers to ETF RFQs on our platform.

ETFs have become an important instrument for both equity and fixed income traders, looking to manage beta exposure or equitize cash. In fact, fixed income ETFs functioned as a strategic tool for institutional investors during the crisis -- and during the most recent crisis, given their reliable liquidity, particularly in credit markets, with broker dealers and market makers, routinely using fixed income ETFs to manage inventory, facilitate large client trades and hedge risk. And while we believe we are well positioned to cater to changes in market structure, driven by the growth in fixed income ETFs, our solution is designed to trade any ETF. During the fourth quarter, equity ETFs comprised 61% of our global volume with our fixed income contributing 36%.

Clients continue to increasingly leverage our intelligent pre-trade liquidity provider selection, robust electronic audit trails, and deep integration with OMS providers. Moreover, similar to rates and credit, AiEX has also resonated strongly with European and U.S. ETF clients. We traded 74% and 44% of their trades automatically, respectively, during the quarter.

We've come a long way from as recently as in six years ago when Tradeweb was a relatively unknown name on equity trading desks. Today, we are expanding our collaboration with clients and leveraging our leadership position in ETFs to selectively expand into other areas with manual flows. There are lots of trades that are still done over chat or phone. Areas of focus include block trading for equity options, especially options on ETFs, delta one and U.S.

convertible bonds. In sum, our equity offering that remains dynamic with a lot of room for future growth as we benefit from secular tailwinds in the ETF industry and targeted expansion across the equity ecosystem. Turning to repos, as the industry's leading multi-dealer-to-client repo trading platform, we've brought much-needed speed and efficiency to the repo market. The repo platform is another example of how we connect the dots at Tradeweb as trades are primarily collateralized by U.S.

treasuries and our mortgages. Repos posted its strongest volume year on record as clients show increasing interest in automating manual workflows in a post-COVID world. We believe electronification of the repo market to be at about 20% to 25%, with the U.S. actually being lower than Europe.

We continue to invest to build out a full-scale institutional electronic repo offering in the U.S. and Europe. We recently launched the Canadian agency and FICC-sponsored repo and upgraded the user experience for our tri-party offering. Looking ahead, we are excited about future collateral rollouts and some product enhancements.

We are also investing to grow our electronic wholesale repo platform by adding functionality and both growing and onboarding our pipeline of clients. At the end of the day, it all comes down to the pursuit of efficiency. The definition of efficiency changes as technology advances, regulation changes and market structure evolves. At Tradeweb, we are really laser-focused on identifying inefficiencies challenging our client base and being the first to respond to them when it makes financial sense.

The wheels of innovation then continue to turn as we focus on maintaining our thought leadership by continuously streamlining workflows to make it easier for the market participants to trade. Multi-client net spotting is just the latest example of our serial innovation. As you can hopefully tell, we have a number of initiatives under way across our asset classes, and now especially in rates and credit, our two biggest growth drivers that we believe positions us well for the future. And we hope to add to this by continuing to announce many more firsts for Tradeweb and the electronic trading in 2021 and in the coming years.

So, with that, let me turn it over to Bob to discuss our quarterly financials in more detail.

Bob Warshaw -- Chief Financial Officer

Thanks, Lee, and good morning. As I go through the numbers, all comparisons will be to the prior-year period, unless otherwise noted. Let me begin with an overview of our volumes on Slide 13. We have reported quarterly our total ADV of nearly $898 billion, up 30.9% and up 29.7% when you exclude short tenor swaps.

Areas of notable growth include U.S. and European government bonds, mortgages, U.S. corporate credit, Chinese bonds, ETFs, equity derivatives and bilateral repo. Slide 14 provides a summary of our quarterly earnings performance.

The record fourth-quarter volumes translated into gross revenues increasing to 18.1% on a reported and 15.9% on a constant currency basis. We derived approximately 37% of our revenues from international customers, and recall that approximately 30% of our revenue base is denominated in currencies other than dollars, predominantly in euros. Our variable revenues increased by 27%, and our total trading revenue increased by 19.3%. Total fixed revenues related to our 4 major asset classes continued to grow, up 6.5% and 3.7% on our constant currency basis.

Credit fixed revenue growth was primarily driven by the addition of new dealers in U.S. credit and additional clients in Chinese bonds. Equities fixed revenue growth was driven by the addition of new dealers and the impact of FX. Other trading revenues, the vast majority of which are tied to our retail business, was up 4% driven in part by periodic revenues tied to technology enhancements performed for our clients.

Market data have increased by 7.8%, led by Refinitiv, APA and proprietary data products. Adjusted EBITDA margin came in at 49.2%, and expanded nicely by 231 basis points relative to fourth-quarter 2019 as we continued to benefit from scale. All in, we reported adjusted net income per diluted share of $0.34. Moving on to fees per million on Slide 15.

The trends I am about to describe are driven by a mix of these various products within our 4 asset classes. In sum, our blended fees per million decreased 3% year over year, primarily as a result of continued growth in T-bills and institutional repos. Excluding lower fees per million short tenor swaps and futures, our blended fees per million were down 2% year over year. Let's review the underlying trends by asset class.

All trends will be discussed on a year-over-year basis. Starting with rates. Average fees per million for rates were up by 1% overall. For cash rates products, which includes government bonds and TBAs, fees per million decreased 10% primarily due to growth in institutional T-bills, which carry a lower fee per million than the cash rates average.

For long tenor swaps, fees per million were up 32%, primarily due to an increase in average maturity as well as less compression activity. In other rates derivatives, which includes rates futures and short tenor swaps, average fees per million decreased 7% due to growth in OIS, which carries lower fees per million than FRAs. Continuing to credit, the average fees per million for credit increased 3% overall. Drilling down on cash credit, average fees per million decreased 4% due to a record quarter for Chinese bonds, which carry significantly lower fee per million than the cash credit average.

Looking at the credit derivatives and electronically processed U.S. cash credit category, fees per million increased 3%, driven by some increased volumes in single name CDS, which carry a higher fee per million than the credit derivatives average. Continuing with equities. Average fees per million for equities were down 5% year over year overall.

For cash equities, average fees per million decreased 10% due to growth in wholesale ETFs, which carry lower fees per million than institutional ETFs. Equity derivatives average fees per million decreased 6% due to mix shifts toward U.S. options and futures, which carry lower fees per million than in the equity derivatives average. Finally, within money markets, fees per million decreased 35%.

This was primarily driven by mix shift away from high fee per million retail CDs given the low interest rate environment and toward bilateral repo, which reached record levels and continues to grow rapidly. Institutional repo carries a lower fee per million than money market products. Slide 16 details our expenses. At a high level, we continue to invest for growth.

There's been no change to our philosophy here. In the last two years, we have grown our adjusted EBITDA margins by 810 basis points, all the while growing our expense base as we have invested for the future. As a reminder, adjusted expenses exclude noncash stock-based compensation expense related to options issued primarily as a result of the IPO, acquisition and Refinitiv-related D&A and certain FX-related gains and losses. Adjusted expenses for fourth quarter increased 11.8%.

Recall, approximately 15% of our expense base is denominated in the currencies of -- other than dollars, predominantly in Sterling. Fourth quarter 2020 operating expenses were higher as compared to fourth-quarter 2019 due to increased employee compensation costs and technology and communication expenses, partially offset by lower T&E. Our compensation costs were higher year on year due to higher headcount as well as higher performance-related compensation. In an adjusted non-comp expense increased 9.4% on a reported basis and increased 8.3% on a constant currency basis.

Specifically, technology and communication costs increased primarily due to higher clearing and data fees as a result of higher all-trade volumes in credit and streaming U.S. treasury volumes, which continue to grow. In addition, this quarter also saw the continued impact into our previously communicated investments in data strategy and cybersecurity. General and administrative declined primarily due to less travel and entertainment expense, but came in slightly higher than our guidance, given unfavorable movements in FX and an opportunistic increase in marketing spend to drive higher client engagement.

Slide 17 details capital management and the guidance. First, on our cash position and dividend policy. We ended fourth quarter in a strong position, holding $791 million in cash and cash equivalents, and free cash flow reached $400 million for the trailing 12 months. As mentioned earlier, we will be spending $190 million of our excess cash balance to acquire Nasdaq's U.S.

fixed income electronic trading platform. Our primary preference for investing excess cash remains strategic M&A. With this quarter's earnings, the board has declared a quarterly dividend of $0.08 per Class A and Class B share and authorized a $150 million share repurchase program, which we plan to use primarily to offset annual equity grants. We have access to a $500 million revolver that remains undrawn as of quarter end.

Capex and capitalized software development for the year was $42 million, a decrease of 4% year over year, below our expectations due to timing of investment spend and COVID-19-related delays by vendors. Turning to guidance for 2021. We will continue to invest in 2021 and are expecting adjusted expenses to range from $530 million to $560 million. Our guidance does not include any expenses tied to our recently announced acquisition.

We will update our guidance following the closing of the deal. The midpoint of this range would also represent the approximate 9% increase which is in line with our average expense growth from 2016 of 9%. We believe we can drive EBITDA and operating margin expansion compared to 2020 at either end of this range. As Lee and Billy described, we continue to invest for the future with credit and rates being key focus areas with a long runway for growth.

We are investing in introducing and driving new protocol adoption, launching on new products and expanding our geographic reach. Some of these investments will take some time to scale, but we continue to prize innovation leadership and have a technology pipeline that continues to grow. We expect G&A expenses to ramp through the course of the year to the 2019 levels with the resumption of T&A -- T&E in the back half of 2021 and additional targeted marketing expenditure to drive higher client engagement. We expect technology and communication expenses to grow from fourth-quarter 2020 levels driven in part by $3 million in additional investments in data strategy and our infrastructure.

Additionally, we expect continued growth of credit all-trade and our U.S. treasury streaming platform. Our guidance incorporates FX movements. For example, the recent depreciation in the U.S.

dollar. For forecasting purposes, we continue to use an assumed non-GAAP tax rate of about 22% for the year. We expect capex and capitalized software development to be about $45 million to $50 million. Acquisition and Refinitiv transaction-related D&A, which we adjust out due to increase associated with this pushdown in accounting, is expected to be $120 million.

Finally, on Slide 18, we've updated our quarterly share count sensitivity for 2021 to help you calibrate your models for fluctuations in our share price. Now I'll turn it back to Lee for concluding remarks.

Lee Olesky -- Chief Executive Officer

Thanks, Bob. As many of you will attest to, 2020 was a very challenging year, with a devastating health pandemic, coupled with numerous political, climate and social challenges. That being said, we are thankful to those on the frontline and scientists behind the vaccines, who have worked tirelessly to get us through the pandemic. I've never been prouder of the Tradeweb team, which thrived while working remotely.

2020 was another record year, marked by numerous milestones for the company and our products. We continued to expand our opportunity set across all of our businesses, and we're very excited by the potential we see for Tradeweb over these next few years. We are extremely focused on capitalizing on the various growth opportunities ahead of us and continuing to strike the right balance between investing for the future and driving margin expansion to create long-term value for our shareholders. The markets that we operate in are fundamentally changing now as we speak.

And this current pandemic further demonstrates the importance of Tradeweb as a critical marketplace for our clients to transfer risk. We believe that this digitization of fixed income is accelerating. And as we have seen in numerous times in the past, behavioral change is very sticky. There remains plenty of room for digitization to increase, and this technology-fueled transition will continue to play out for years to come.

Our network continues to deepen as we innovate and connect the dots between different asset classes, sectors, protocols, and regions. We believe it's this diversity that positions us well to both participate in and lead the next generation of progress. The momentum in 2020 is carried over into 2021. We've made several investments in our future to start the year, investing in Asia, launching Multi-Client Net Spotting and announcing the acquisition of Nasdaq's U.S.

electronic fixed income business. Our existing organic growth initiatives continue to pay off with January volumes reaching a new record. Specifically, since our volumes increased by 29% year on year with broad-based growth across our four asset classes and new volume records in U.S. treasuries, mortgages, U.S.

high-grade, high-yield credit, European credit and Chinese bonds. Additionally, we captured a record 20.5% of our entire U.S. high-grade TRACE market. I would like to conclude my remarks by thanking our clients for their business and partnership in the quarter, and I also want to thank my colleagues for their efforts that contributed to our strongest fourth quarter in history and a record year for Tradeweb.

With that, I will turn it back to Ashley for your questions.

Ashley Serrao -- Head of U.S. Corporate development and Investor Relations

Thanks, Lee. [Operator instructions] Q&A will end around 10:40 a.m. Eastern Time. Operator, you can now take our first question.

Questions & Answers:

Operator

[Operator instructions] And our first question comes from Rich Repetto with Piper Sandler. Your line is now open.

Rich Repetto -- Piper Sandler -- Analyst

Good morning, Lee. Good morning, Billy. Good morning, Bob. So the -- my question is on the Nasdaq fixed income acquisition, and you certainly made a compelling case how a CLOB or a central limit order book fits with your multi-channel -- your Dealerweb.

But there has been a -- there was a dramatic deterioration in revenues there from $100 million back in 2012 to $23 million. So I guess, given you can do a lot of things with it, but could you identify like what was the drop off because you can't -- that would be important to fix too, I guess. And I heard pricing was an issue or at least in years past?

Lee Olesky -- Chief Executive Officer

Good morning, Rich. It's Lee. I'll take a crack at that. That's a good question.

Yeah, so look we're very excited about this deal. This is a space, the treasury market that we've been active in for over 20 years. It's where we started the business and we have a full complement of our team between sales, product, right up to Billy and I that have been very involved in the treasury space for many, many years. So -- and it's also -- it's core to our focus.

So without any too much analysis of what happened when it was in Nasdaq's hands, I think it's pretty clear to say that this is our sweet spot. This is one of our core markets. And in terms of the asset itself and what we're acquiring, a liquid CLOB is really complementary to everything else we're doing. We think it's important to offer our customers a variety of solutions.

In fact, just about every different way they could trade the treasury. So we've now offered this central limit order book with some real liquidity in it. We've also, with the asset, extended our client reach, so we're adding customers connected up. And we think as with other situations or platforms, the market is interested in competition.

The market wants to have meaningful competitors in this space. So we've got the sort of breadth of the treasury offering now somewhat completed, and we're essentially now in a position, where we can offer clients a single API that connect to both the streams that we have today. And the order book, we think that's a -- cost savings and advantage for our clients. We think the multi-protocol approach to the treasury market is a key differentiator that we'll offer that didn't exist in its former structure.

So we now complement everything else we're doing in treasuries with essentially the same -- it's the same marketplace, a lot of the same customers. We add customers, and we think we'll be able to really ramp this up and bring it to a competitive footprint with the leader. I guess, I would add my own experience. As you know, it's a long time ago but I actually started broker tech.

So I go way back in terms of this space with treasuries, as does Billy. So we have a focus on this from the absolute top of the organization and a number of individuals, who are focused on selling and product design, service to clients, in addition to the technology, right. So we've got a tech advantage here. And then, after a couple of years, we'll be on the same CLOB that we've previously built.

So there is a real efficiency play there as well. So we're pretty excited about it. We think we can turn the asset around and bring it to a very competitive footprint and really complement our whole offering in the treasury market.

Rich Repetto -- Piper Sandler -- Analyst

Thank you. Thanks, Lee.

Lee Olesky -- Chief Executive Officer

Yeah.

Operator

Our next question comes from Ari Ghosh with Credit Suisse. Your line is now open.

Ari Ghosh -- Credit Suisse -- Analyst

Good morning, everyone. Billy, maybe one for you. So there's been a lot of news flow around Bloomberg starting to charge the trading and rethinking other pricing so they can invest more -- to announce their platform. Just curious what you're hearing in the market and from clients and potential implications for feedback?

Billy Hult -- President

Sure. Hi, Ari. How are you? I think it's been about a year since we've got a chance to see you in person. It feels like about 15 years since that year has kind of gone by but thanks for the question.

And obviously, it's great to hear your voice. I've kind of said this before Ari, and I know, you've heard Lee say this as well. We grew up essentially from day one competing with Bloomberg whether or not that was U.S. government bonds, European government bonds, global swaps.

It's been kind of us and Bloomberg kind of shoulder to shoulder together for a long time. So we know the company well. Healthy, obviously healthy respect. Without sort of getting into sort of the absolute specifics around what their pricing change is and how it's being received, a couple of sort of high level points that I would make is always difficult to make a pricing change.

So eyes wide opened, that's always a difficult thing to do. And then I would just say, given the work-from-home environment and all of that, it probably on the edges make some of those conversations sort of in a certain way even more difficult. So just kind of pointing that out as kind of context. But in a specific way, Ari, we're going to continue to do kind of what we do really well, which is collaborate with the marketplace, continue to solve for problems, partner with the most important participants in the market and kind of do things that we've done to kind of get us here.

So we always have our eye kind of on the competitive landscape but at the end of the day, also understand what we do best and kind of continue to do that.The other point, I would just kind of make very quickly is you've heard us talk very specifically around this big important kind of trend around the acceleration of the movement from low touch to no touch. And we'll continue to play a leadership role in that through AiEX, and we think that's a very important trend going forward in the marketplace. And thank you for your question.

Ari Ghosh -- Credit Suisse -- Analyst

Great. Thanks so much, and certainly it has been too long.

Operator

Our next question comes from Ken Worthington with JP Morgan. Your line is now open.

Ken Worthington -- J.P. Morgan -- Analyst

The Refinitiv deal with LLC has just closed and my fingers are crossed here that this may be better allow you to comment. But given the relationship between LLC and Tradeweb now and the unique capabilities at LCH, are there opportunities to trade -- for Tradeweb to work with LLC and LCH to further innovate in rates? And if there are, any chance you can give us some high level hints on areas where you might see opportunities?

Lee Olesky -- Chief Executive Officer

I'll take that. Hey, Ken. How are you? Thanks for the question. Right, so the deal has closed and in some respects, our mission stays consistent, right.

We're trying to build the most efficient market ecosystem and provide clients with a full suite of pre-trade, trade, and post-trade services. And we've -- as part of our history, I think we've said this probably repeatedly, we work to collaborate with our stakeholders. We've been doing that for many, many years. So whether it's Refinitiv or LLC, our motivation is to innovate, improve transparency into the financial markets, and bring down the costs.

So we'll be studying that and looking for ways to collaborate and work together. We've got one thing we've done with them was the FTSE Russell, where we're producing end-of-day Gilt reference prices. It's just an example of something that we've done with them. And I think that the broad statement is that like we've done with all of our owners in the past, when it makes sense, we're going to work to collaborate, work together to provide services and products that are best for our customers.

And we're excited for that and we're looking forward to it, and I'm sure, we'll have more to talk about in the future.

Ken Worthington -- J.P. Morgan -- Analyst

OK. Great. Thanks very much.

Operator

Our next question comes from Dan Fannon with Jefferies. Your line is now open.

Dan Fannon -- Jefferies -- Analyst

Thanks. Good morning. My question is around credit. If you could expand upon the ReMatch protocol that you highlighted in your prepared comments and just differentiate that versus some of the other offerings you have in credit and thinking about 2021 and what has kind of the best potential do you think for uptake?

Billy Hult -- President

Hey, it's Billy. So ReMatch is great, right? Because to its core, it sort of takes advantage on some level of what we do best, which is our network. And one of the things that ReMatch does at its very basics, it takes unmatched orders from our wholesale suite business and channels those orders into both our retail network and our institutional all-to-all network. So when we think about what Tradeweb does best, we think about our network.

How do we create more liquidity because of this vast network that we have? And the early response around it is that we've nailed the functionality, and we feel really good about where this business is going for us. It's just another example of how we're innovating in credit. And thanks for the question.

Operator

Our next question comes from Alex Blostein with Goldman Sachs. Your line is now open.

Alex Blostein -- Goldman Sachs -- Analyst

Great. Thanks. Good morning, everybody. I was hoping we could dig into the mortgage business a little bit.

Obviously, a really robust year in terms of volumes. And the refi activity, obviously, is helping to some extent. Can you help us with the sensitivity to revenues if we see -- if we were to see a significant pullback in refi activity? And maybe just a reminder, sort of the breakdown within the mortgage business, how much is sort of fixed versus variable? Thanks.

Lee Olesky -- Chief Executive Officer

Bob, you want to take that one?

Billy Hult -- President

Nobody wants to answer that one.

Alex Blostein -- Goldman Sachs -- Analyst

I think he's on mute.

Billy Hult -- President

Yes.

Bob Warshaw -- Chief Financial Officer

I'm sorry. I missed a little bit of the first part of the question. I'm sorry it was on mute. Something in my phone sort of probably did something, so I apologize.

Alex Blostein -- Goldman Sachs -- Analyst

No, of course. So the question is around the mortgage business. And just hoping to get some sensitivity around kind of the variable part of the mortgage revenues, how sensitive it is to refi volume. So if you were to see refi volume slow down, how big a deal of that is to mortgage revenues?

Bob Warshaw -- Chief Financial Officer

Yes. Look, I think we've obviously shown growth in volume and in revenue mortgages. So I think that we have demonstrated that that's growth. And we've actually seen more come into our non-comp side of our platform, which means more in-comp and therefore, we get paid a little bit more for that, given the price discovery and the rest.

I think if refi rates slow, there's other aspects of the mortgage market that have mentioned as well. And certainly having refis has helped to increase it, but we're also having -- have done some initiatives in spec pools. And given the nature of that, there's a large opportunity spec pools to grow, which Billy could talk to. And we're seeing that as the other side of, if one part of mortgages slows down in any way because of either rates increasing or price changing that that would be the thing we're working on to be on the other side of that.

That being said, I don't think we've -- so far, we haven't seen a sign that, that's going to be a short-term happening in terms of what we're seeing and it's -- and so I think that given the nature of our fee structure and what we see, we should see a balance of growth going forward even as the market reforms slightly because of the initiatives we have, particularly in spec pools.

Alex Blostein -- Goldman Sachs -- Analyst

Great. Thanks.

Operator

Our next question comes from Alex Kramm with UBS. Your line is now open.

Alex Kramm -- UBS -- Analyst

Hey. Good morning, everyone. Just coming back to credit for a second here. I mean, tremendous drop on innovation, obviously, and seems to be driving some good market share.

But can you also talk about how pricing matters at all or how much of a factor that's been? I think you've undercut some of your primary incumbent competitors there. So just wondering if that's a big factor or if you think pricing is going to become more of a factor as maybe these markets evolve over time. So any update on pricing would be fantastic. Thank you.

Billy Hult -- President

Sure. Sure. Hey, it's Billy. So we feel very comfortable with our pricing.

We're the low-cost provider in this space and we feel comfortable with that lens. That being said, in a very straightforward way, we don't lead with pricing with clients. We think that's a mistake. We lead with innovation.

We lead with solving for client workflows. We lead with how we're bringing value, whether that's portfolio trading or net spotting and hedging, we always lead with value. To your question, over time, do we think that our pricing model will kick in more and more and help us be something that gets more market share? Absolutely, yes, but it's not the first thing we lead with clients.

Alex Kramm -- UBS -- Analyst

Very Good. Thank you.

Billy Hult -- President

Yeah.

Operator

Our next question comes from Kyle Voigt with KBW. Your line is now open.

Kyle Voigt -- KBW -- Analyst

Hi. Good morning. So it appears the new administration is potentially eyeing a broad review of treasury trading and treasury market structure, following the liquidity issues in March of last year. And some of the press reports noted that the administration could consider expansion of primary dealers or also consider the introduction of central clearing.

Just wondering if you could provide any color on how either of those changes might impact your rates business.

Lee Olesky -- Chief Executive Officer

I'll take that one. Thanks, Kyle, for the question. I think it's a good one. Yes, look, we've -- the truth is historically, we've benefited as a result of change.

Regulatory change, tech change, these have been big drivers of the growth of our business. I should say that upfront. And we are supportive of regulators soliciting comments with respect to access to the market, considering central counterparty, those sorts of things. And when you have a mandate to centrally clear securities, that's been historically an e-trading accelerant for a number of obvious reasons.

We really saw that happen in the swaps market, most recently. It allows for new liquidity providers. It generally tends to increase the velocity, the turnover in the market. So we think overall if that, what you're suggesting, implies change, we've been able to really benefit from those kinds of changes historically, both in terms of how much of an advocate we are in the market but also the ability to adjust and change our systems to support the changes.

So in terms of the cost to us, we're kind of registered in a lot of different ways. We're registered as an ATS. That includes our treasury business. It's hard to imagine there'd be any sort of material change to our regulatory requirements with respect to this.

But it does look to us like there's going to be a lot more interest and focus on this, and we welcome it. We welcome it. We think change is good, and it allows us to innovate and solve for clients' issues as these things come into play.

Kyle Voigt -- KBW -- Analyst

Thank you.

Lee Olesky -- Chief Executive Officer

Thanks.

Operator

Our next question comes from Michael Cyprys with Morgan Stanley. Your line is now open.

Michael Cyprys -- Morgan Stanley -- Analyst

Hey. Good morning. Thanks for putting me in here with the questions. Just with the -- a steeper curve that many expect here with an economic reopening later in the year, prospects for a steeper curve.

Just hoping you could talk a little bit about how that may impact the different parts of your business in terms of greater appetite for, say, different products such as rate swaps? And also, how that may impact and play through on the capture rate? Would it just be seeing a mix driving the change in the fee capture or where could actually the fee rate itself actually adjust higher?

Lee Olesky -- Chief Executive Officer

Yes. Thanks, Michael. So I think what you're suggesting in your question is change. And as I was saying just before, change is always a good thing, especially market change or maybe more importantly, a bit of uncertainty in terms of what the actual direction is.

And there's a lot of debate about what's going to be happening. And if you look at what's happening turn my shoulder over just today and what's been happening last month, these types of changes that you're referring to are positive for volumes, and they're positive for Tradeweb. Diverging views, chasing higher yields, these are all positives. A steeper yield curve is actually good for our retail business, which has been -- has had some challenges that's -- as a result of that, which makes bonds more attractive to that sector.

And it's not as if these things -- the macro stuff is what we've been living with for 20 years, right? Our business is dynamic. These kinds of changes tend to be of positive accelerants if, in fact, they occur. And I look at the January numbers, and that's an example of possibly what's to come. But more importantly than the macro stuff, which absolutely impacts to our business, I don't want to say that's not important, is the digitization march, right, this move toward more electronification as clients are trying to streamline things.

And I would add to that, when we're talking about the treasury market, an explosion of debt, right? So we have an absolute explosion of debt globally, not just in the U.S. with potential for more stimulus. These are all issues that create some uncertainty and potential movement, some of these steepening, which is -- historically, that's been -- that's a good thing for our business. So we -- but as always, that's not -- we try not to speculate on that kind of stuff because it's just -- it's really unknowable from our view.

Bob Warshaw -- Chief Financial Officer

I think maybe the only thing I'd add to that is one of the things -- obviously, we can't project what's going to happen, as you said exactly, but our fees are correlated to some extent to duration. So the shape of things that might happen could have a positive effect as well.

Lee Olesky -- Chief Executive Officer

Yes, absolutely. That's a good point, Bob.

Michael Cyprys -- Morgan Stanley -- Analyst

Thank you.

Lee Olesky -- Chief Executive Officer

Thanks.

Operator

Our next question comes from Mike Carrier with Bank of. America. Your line is now open.

Mike Carrier -- Bank of America Merrill Lynch -- Analyst

Great. Good morning. Thanks for taking the question. You guys provided a lot of good detail across the different product categories and strategic initiatives with growth ahead.

And you mentioned the strong international growth, but can you provide an update on geographies, just given the recent hiring in Asia and where your current client base is today, and maybe investments being made, size of the sales platform in the U.S. versus outside? And then the potential growth you see, whether it's in Asia or Europe versus the U.S.?

Lee Olesky -- Chief Executive Officer

OK. There's a lot there. So let me just start by saying international growth in general for us has averaged, I don't know, about 20% a year since -- let me go back four or five years, 2016, that includes Europe and Asia when we talk about international, and we've been expanding our product offering in those specific areas. Obviously, we've talked about China bonds in our recorded comments.

We've got a new hire that just started in Asia, James, who's going to be running that business. We made an investment in Sumscope -- minority investment in Sumscope in December. So we are fully focused on the growth opportunities outside of the U.S. and have been for some time.

It's, I don't know, 36%, 37% of our revenues from last year, all that business ex U.S., so it's a meaningful component, and it's just a real opportunity set for us. In particular, we think, as I said, Asia, in China, while it's tough to handicap the timing of liberalization and access to the market, both in and out of China, we are going to stay on the cutting edge. We were the first ones to be in that market in 2017, allowing access for international investors, and we continue to invest there locally with both talent and some complementary assets. And so we're really excited about the opportunity there.

It's got a ways to go in terms of electronification when we think about Asia and we always go back to this theme of connecting the dots and the fact that the markets are global markets. And as Billy likes to say, our network is of great strength. So adding a new region, adding new asset classes, adding new types of protocols and connecting that into our global network is a real big opportunity for us and one that we're pretty excited about.

Mike Carrier -- Bank of America Merrill Lynch -- Analyst

Great. Thanks a lot.

Lee Olesky -- Chief Executive Officer

Sure. Thank you.

Operator

We can take one more question if anyone has anything. I'm not showing any further questions at this time. I would now like to turn the call back over to Lee Olesky for closing remarks.

Lee Olesky -- Chief Executive Officer

OK. Thank you all very much for joining us this morning. As hopefully, we were clear, 2020 was a banner year for Tradeweb, and we're really excited about 2021. The start to the year, you can see the numbers in January.

We feel we have really multiyear opportunities in front of us. If you have any other follow-up questions, feel free to reach out to Ashley and the team, and thank you very much for joining us tonight.

Operator

[Operator signoff]

Duration: 76 minutes

Call participants:

Ashley Serrao -- Head of U.S. Corporate development and Investor Relations

Lee Olesky -- Chief Executive Officer

Billy Hult -- President

Bob Warshaw -- Chief Financial Officer

Rich Repetto -- Piper Sandler -- Analyst

Ari Ghosh -- Credit Suisse -- Analyst

Ken Worthington -- J.P. Morgan -- Analyst

Dan Fannon -- Jefferies -- Analyst

Alex Blostein -- Goldman Sachs -- Analyst

Alex Kramm -- UBS -- Analyst

Kyle Voigt -- KBW -- Analyst

Michael Cyprys -- Morgan Stanley -- Analyst

Mike Carrier -- Bank of America Merrill Lynch -- Analyst

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